Plus, I imagine the number of good investments that would have been excluded as being bad or fraudulent is high, and might include some unicorns. Either becaus

Plus, I imagine the number of good investments that would have been excluded as being bad or fraudulent is high, and might include some unicorns. Either because it's hard to correctly vet, or enough things are fake it until you make it and actually randomly make it, or both. I'm sure the only thing separating Theranos from some other major companies that made it in the end is that they just couldn't get the product working, even after all the time and money they threw at it. If they finally had something that worked before everything came to a head, they probably could have parlayed that something. Holmes might have still had to account for something, and it would have been rocky, but really success is all that seems to matter, especially when a lot of people have a lost of money riding on it and don't want to take it as a loss yet. Just look at the history of Uber. So many times they screwed up majorly, but they just coasted on through. Money invested provides a momentum all of its own to a company.